American vehicles are aging, but auto parts retailers and service centers report that financial challenges are causing owners to delay maintenance tasks

Americans are feeling the strain of inflation, high interest rates, and other financial pressures, leading to fewer new car purchases. While this is bad news for automakers and dealerships, it hasn’t turned into a windfall for aftermarket service providers who help maintain the nation’s aging fleet of vehicles.
According to a Wall Street Journal investigation, the average age of passenger cars in the U.S. is now 13.6 years, a significant increase from 8.4 years three decades ago. Unlike new cars that come with fresh tires, brakes, and oil—and often require little maintenance early on—older vehicles demand more upkeep to stay on the road.
However, independent service businesses that handle this work, such as oil changes, brake repairs, and tire replacements, report that consumers are cutting back. Many are skipping maintenance altogether or opting for budget-friendly options, like cheaper tires, even if they wear out faster.
The financial strain is reflected in the market. Valvoline’s shares dropped 9% recently after the company warned investors that 2024 might not be a strong year. Similarly, Genuine Parts saw its stock tumble over 20% earlier this year, and Monro, known for its tire services, experienced a 12% decline in May.
There’s also concern about the growing prevalence of electric vehicles (EVs) in the used car market. EVs require less routine maintenance, which could further impact service centers. However, the increased tire wear from heavier EVs offers some hope for tire shops.
Despite the downturn, AutoZone’s CEO Philip Daniele remains optimistic. He told the WSJ that while consumers may delay maintenance during tough times, they usually return once they realize the cost-saving benefits of timely repairs.
“As we move through the cycle, they start to repair their cars because they realize that a small investment in maintenance today can prevent major repairs later,” Daniele explained.
